The ONE Group Announces the Opening of the first STK in Dubai
The Rixos Premium Dubai is home to the first United Arab Emirates STK Restaurant
NEW YORK--(BUSINESS WIRE)-- The ONE Group Hospitality, Inc. (“The ONE Group”) (Nasdaq:STKS) today announced the opening of STK at the Rixos Premium Dubai at the Jerimiah Beach Residences located close to the city’s Marina District.
“We are thrilled to be expanding to the Middle East as we have been exploring this market for quite some time as we looked for the right partners,” said Manny Hilario, President and CEO of The ONE Group. “This marks the first of 4 STK’s planned for the region with STK Downtown scheduled to open in the first half of 2018, STK Doha due to open in the second half of 2018 and STK Abu Dhabi scheduled for 2019.”
Hilario continued, “As one of our licensed locations, opening the STK Beach Dubai is an important component to our company’s strategic plan of focusing on asset light license and management opportunities and enables us to bring our signature vibe dining experience to a sixth country without significant capital investments.”
The restaurant will incorporate both STK menu staples as well as new offerings that are more suitable for the beach location, with seating for 175 guests in the restaurant and the outdoor patio.
The restaurants in Dubai will be operated by the award-winning Horizon Hospitality, which currently operates 32 venues of high-end casual restaurants and bars across the Middle East.
About The ONE Group
The ONE Group (NASDAQ:STKS) is a global hospitality company that develops and operates upscale, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos and other high-end venues both nationally and internationally. The ONE Group’s primary restaurant brand is STK, a modern twist on the American steakhouse concept with locations in major metropolitan cities throughout the U.S. and Europe. ONE Hospitality, The ONE Group’s food and beverage hospitality services business, provides the development, management and operations for premier restaurants and turn-key food and beverage services within high-end hotels and casinos. Additional information about The ONE Group can be found at www.togrp.com.
Cautionary Statement on Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. For example, the statements related to the exploration of strategic alternatives and the potential results therefrom and the statements related to our strategic review of our operations targeting sources for 2017 and beyond are forward-looking. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements, including but not limited to, (1) our ability to open new restaurants and food and beverage locations in current and additional markets, grow and manage growth profitably, maintain relationships with suppliers and obtain adequate supply of products and retain our key employees; (2) factors beyond our control that affect the number and timing of new restaurant openings, including weather conditions and factors under the control of landlords, contractors and regulatory and/or licensing authorities; (3) in the case of our strategic review of operations, our ability to successfully improve performance and cost, realize the benefits of our marketing efforts, and achieve improved results as we focus on developing new management and license deals; (4) changes in applicable laws or regulations; (5) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and (6) other risks and uncertainties indicated from time to time in our filings with the SEC, including our Annual Report on Form 10-K filed on April 5, 2017.
Investors are referred to the most recent reports filed with the SEC by The ONE Group Hospitality, Inc. Investors are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise.
Michelle Michalski, 646-277-1224
Source: The ONE Group Hospitality, Inc.
Released December 4, 2017